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How to fill out the Enhanced Due Diligence Form online
Filling out the Enhanced Due Diligence Form is an important step in ensuring compliance and understanding potential risks associated with new members. This guide provides clear, step-by-step instructions to help you navigate the form efficiently and accurately.
Follow the steps to complete the Enhanced Due Diligence Form online.
- Press the ‘Get Form’ button to access the Enhanced Due Diligence Form and open it in your preferred digital editor.
- Begin by entering the date of filling out the form. Next, input the member's name and account number in the designated fields.
- Check to ensure that all required information has been gathered, including the member's name, social security number or taxpayer identification number, date of birth, and both physical and business addresses (neither should be a P.O. box). Initial the section to confirm that all information is complete.
- Move on to Section I, where you will answer preliminary questions. These include whether the applicant has been a member, qualifies for membership, and if it's a business account. Select the appropriate business type and provide the nature of the business.
- Determine if the applicant possesses a valid U.S. driver’s license or photo ID. Make a note of how the potential member qualifies if the answer is 'No'.
- Proceed to Section II and respond to general questions related to the account, such as anticipated transactions and direct deposits. Use these responses to assess and assign the risk rating based on the provided criteria.
- If applicable, move to Section III for business account questions. Answer the six questions regarding cashing checks, payroll usage, and expected international transactions.
- In Section IV, provide any additional information required for customer due diligence. This includes the purpose of the account, source of funds, and banking references.
- Final review: Check all responses for accuracy and completeness. Once satisfied, you can save changes, download the completed form, print it, or share it as needed.
Complete your Enhanced Due Diligence Form online today for a streamlined process.
Enhanced due diligence (EDD) is a KYC and AML process that provides a greater level of scrutiny of potential business partnerships and highlights risk that cannot be detected by customer due diligence. EDD goes beyond CDD and looks to establish a higher level of identity assurance by obtaining the customer's identity ...
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